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Quote of the day
“It’s time to rewrite the rules, to eliminate revenue sharing between fund companies and their business partners.” – John Rekenthaler
Chart of the day

May you live in uncertain times. (Vanguard)
Markets
- Every dog has it's day: the bounce back in value. (wsj.com)
- Cloud software stocks are coming back to earth. (ftalphaville.ft.com)
Strategy
- The stock market hasn't done much for the past 18 months. So what. (awealthofcommonsense.com)
- "There is an important difference between merely being wrong about the future path of interest rates and being completely irrational." (demonetizedblog.com)
- Just because passive investing isn't a bubble, doesn't mean it isn't affecting securities prices. (albertbridgecapital.com)
- Why we are so prone to believing 'bubble talk.' (humbledollar.com)
- How pre-mortems can help suss out problems before they occur. (blairbellecurve.com)
Apple
- Apple's ($AAPL) streaming strategy shows how it wants to grow the ecosystem. (wsj.com)
- Shira Ovide, "Apple is finally getting real." (bloomberg.com)
- Apple is no longer afraid of colors. (fastcompany.com)
- All the details on Apple TV+. (hollywoodreporter.com)
- The iPad increasingly acts like a Surface. (theverge.com)
- Apple now recognizes iPhone prices can't keep going up indefinitely. (fastcompany.com)
WeWork
- Why the WeWork story unraveled. (aswathdamodaran.blogspot.com)
- Can commercial landlords out WeWork, WeWork? (wsj.com)
Companies
- How has Microsoft ($MSFT) avoided the Big Tech backlash, so far. (nytimes.com)
- A multi-story warehouse: Amazon ($AMZN) is giving it a try. (wsj.com)
- Frackers are changing their tune on growth. (wsj.com)
Layoffs
- Even discount brokers, like Schwab ($SCHW) are not immune from job cuts. (wsj.com)
- Uber ($UBER) just laid off a bunch of people. (techcrunch.com)
- GameStop ($GME) continues to shrink its store footprint. (arstechnica.com)
Finance
- The Hong Kong and London stock exchange may end up merging. (nytimes.com)
- Jamie Dimon wants JP Morgan Chase ($JPM) to be ready for zero interest rates. (wsj.com)
- High fee, high perk credit cards are still a big part of American Express' ($AXP) business. (bloomberg.com)
- The Nasdaq and NYSE are fighting tooth and nail for IPO listings. (ft.com)
Institutional investing
- Leon Cooperman thinks private equity, as currently operated, is a "scam." (businessinsider.com)
- When is the private equity gravy train going to stop? (ft.com)
- The OCIO industry has "zero standards." (institutionalinvestor.com)
ETFs
- Some ETF-focused insights from Wealth/Stack. (etf.com)
- Why asset allocation ETFs have not really taken off. (wsj.com)
- The ETF Deathwatch for August 2019. (investwithanedge.com)
Economy
- The NFIB Small Business Optimism Index fell in August. (calculatedriskblog.com)
- To discount the inverted yield curve you have to posit an argument for why things are different now. (fortune.com)
- Why interest rates aren't going up in this current policy regime. (mrzepczynski.blogspot.com)
Earlier on Abnormal Returns
- Personal finance links: personal finance > investing. (abnormalreturns.com)
- Research links: the demise of value. (abnormalreturns.com)
- Adviser links: client-adviser fit. (abnormalreturns.com)